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Tuesday, April 7, 2009

Declan Ganley refuses to come clean on his use of off shore companies

Declan Ganley whose Libertas Party Ltd. claim to stand on a platform of openness and transparency has refused to discuss his use of offshore companies which are commonly used to avoid paying taxes in countries like Ireland. In many cases the nature of the businesses is also unclear and ganley also refuses to discuss that. Ironically Ireland has one of the lowest rates of corporate tax in the EU yet Ganley seems to be avoiding paying even that into the Irish coffers .

How ironic it is that just this week Ganley has pitted himself against the Irish Taoiseach Brian Cowen claiming Cowen is personally responsible for job losses in Ireland in a billboard advertisement. The billboards claim Declan Ganley has a proven track record in creating jobs. What about proven record of paying tax in Ireland? Would that not help preserve and create jobs here in Ireland?

While it is undoubted that Ireland is suffering record job losses in the past year, it is also clear that Cowen's party presided over a period of unprecedented employment in Ireland. What is unclear is how may jobs Ganley has ever created. We are aware of the jobs he has created in his political party but outside of that it is virtually impossible to compare Cowens record with Ganleys as so much of Ganley's business is secretive.

What is clear from Colm Keena's story in today's Irish Times is that Ganley has used off shore registrations in tax havens that amy allow him to avoid both the normal scrutiny that would apply in the EU and to avoid paying taxes in Ireland.

How patriotic is that? Is that how he recommends Ireland and Irish companies behave in the midst of a severe fall in tax revenue which is having a dramatic effect on Irish jobs and public services?

As nearly 5000 US troops and personel have been killed in US Wars on Terror Ganley's companies Rivada Pacific and Rivada Networks are still servicing US military contracts. WAre his profits from his war efforts helping the people of Ireland in their hour of need as Ganley avails of his off shore tax shelters?

Ganley is running in the North West constituency in Ireland on a platform that attacks the EU and policies like the common Agricultural Policy and claims to promote accountability and transparency. Perhaps he should explain to the voters of the West of Ireland why he avoids being transparent about his tax affairs from businesses he runs from Tuam, Co. Galway.

THE LIBERTAS candidate in the North West in the upcoming European elections, Declan Ganley, has declined to comment on his use of offshore companies.

A company based at his home in Tuam, Co Galway, is owned by Golden Bay Holdings Ltd, with an address at Morton House, Charlestown, in the British West Indies.

The shares in Ganley Corporate Management Ltd were formerly held by Mr Ganley but were transferred to the West Indies company in 2005, filings in the Companies Registration Office show.

Mr Ganley has said previously that he uses the company for the development of business projects. The 2007 accounts for the company say Mr Ganley does not have an interest in the company.

The last filed annual return of a UK company called Capital Route Private Hire Ltd, shows the majority of its shares were held by Golden Bay Holdings Ltd.

The company was part of a failed project of Mr Ganley’s to set up a quality car hire service in a number of European capitals. It is now dissolved.

The annual return for the year to January 2007 shows more of the company’s shares were owned by Ganley Corporate Management Ltd. Mr Ganley was a director of Capital Route and is a director of Ganley Corporate Management Ltd.

In the late 1990s Mr Ganley was a director of a UK company called Delderway Ltd, the shares of which were owned by Southern Gulf Holdings Ltd, with an address at Tortola in the British Virgin Islands. The purpose of the company is not known. It is now dissolved.

A brother of Mr Ganley’s wife, Delia Ganley (née Paterek), is a director of an Irish company called Delcoast Ltd, with an address at Clonberne, Co Galway. James Paterek, with an address in Planome, New York, is a director of the company along with a builder, Michael McHugh, of Clonberne. Neither Mr Paterek or Mr McHugh could be contacted.

Delcoast’s annual return for the year to May 2008 states it is owned by Golden Bay Holdings Group Ltd, with a registered office in the Isle of Man. The company’s accounts are audited by Michael Cuddy Co, Athlone, auditors to Mr Ganley’s Irish companies and to The Libertas Institute Ltd.

The accounts for the year to the end of December 2007 show the company had shareholders’ funds of €15. The accounts state that neither of the directors had an interest in the company and that it owns a dormant Isle of Man company, Rowanmore Ltd.

The annual return states that Mr Paterek was a director of US companies Cape Success, Comforce Corporation, and Lasting Connections.

Asked for a comment on Golden Bay Holdings and the use of offshore companies, a spokesman for Libertas said Mr Ganley would not be commenting on the matter.

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